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, and it's about see some very soft consumption numbers. have you a $200 billion tax increase this year and a $110 billion sequester. these are not small fiscal tight things. it means that first and second quarter are going to be very weak. it's no longer going to be talking about the risks of the fiscal cliff. we're actually getting about half of the fiscal cliff, so i think you're supposed to be cautious for the next few months. >> and that's not necessarily what we're seeing in investor behavior right now, margie. the same question for you. is this justified given the fact that we are headed into the next couple of months where things will get tougher? we know that we're garnishing defense cuts coming. we know that the fourth quarter was weak because everybody was in lockdown moved. do you want to lighten up on stocks, or not? >> may have a few little bumps in the road. frankically i welcome government spending cuts. i think that would be very positive long term. when you look at way from the government and look at what companies are doing, company results. global competitiveness, ha
the money that you need toward all of this. and i'd like to get your take on the tax structure that is most favorable to getting people to be as generous as they can. what could you tell our viewers in terms of what government policy may be able to do to actually encourage more giving and how it can hurt? >> well, the tax deductibility of charitable giving certainly has been a positive factor in why the u.s. is the most generous. people give about 2% of their incomes and that's true it's not disproportionately the richest. across the board americans are quite generous. the estate tax which lets your charitable giving not be taxed is clearly a very positive encouragement to look at giving. i'd say that even more than the taxes, though, the fact that there's more examples of people where -- so everyone is asking themselves, you know, could i be giving you something, the fact that they hear the impact is very strong, i think the kind of social movement is even more, but the tax structure helps. >> what continuing investment is needed at this point? in other words who are the biggest stakeholde
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